Last week, gold reached a new all-time high but then started to fall.
Gold prices went up after the U.S. CPI (Consumer Price Index) was higher than expected and Federal Reserve Chairman Powell made strong statements about keeping interest rates high. However, after that, gold prices dropped because the U.S. decided not to immediately apply new tariffs, and the U.S. and Russian leaders held talks about a possible ceasefire in Ukraine.
This week, gold prices may continue to be unstable due to news about Ukraine peace talks and movements in the New York stock market.
For now, gold has formed a short-term “double top” pattern, which suggests that selling pressure may increase. However, since the long-term uptrend is still continuing, there may be a good opportunity to buy at lower prices.
Gold/Dollar price forecast for this week: 2,940 – 2,860
Note: The above content does not guarantee profit. Please make your own trading decisions carefully.